Lehman Brothers Subsidiary Extends Share Trading Plan in Lehman
Brothers Private Equity Partners Limited
London, 16 May 2008 - Lehman Brothers, the global investment bank,
has announced that one of its subsidiaries, Lehman Brothers Offshore
Partners Ltd. ("Lehman Offshore"), has extended the trading plan
which was established 21 November 2007 (the "Trading Plan").
Pursuant to the Trading Plan, Lehman Offshore may make purchases and
sales of the class A ordinary shares (the "Shares") of Lehman
Brothers Private Equity Partners Limited ("LBPE" or the "Company"),
the Euronext Amsterdam listed, closed-end private equity fund of
funds investment company. Shares will be acquired under the Trading
Plan by Lehman Offshore for investment purposes and not for
cancellation or discount management purposes by LBPE. The Trading
Plan was scheduled to expire 16 May 2008 and has been extended
through 14 November 2008.
Pursuant to the Trading Plan purchases and sales will be made
automatically on the Euronext Amsterdam Exchange at pre-determined
price levels, including during black-out periods applicable to
trading in the Shares by insiders of LBPE. Purchases and sales under
the Trading Plan will be based on several factors, including the
market prices of the Shares (and their discount to net asset value),
as well as average trading volumes in the Shares. The maximum net
number of Shares to be held by Lehman Offshore pursuant to the
purchases under the Trading Plan is not expected to exceed 2.2% of
the Company's total outstanding Shares.
Lehman Offshore extended the Trading Plan to continue to capture what
it believes to be significant value-creating opportunities by
purchasing Shares at attractive valuations. Lehman Offshore and
Lehman Brothers Holdings Inc. are affiliates of the Company's
investment manager.
In connection with the initial public offering of LBPE, and as
previously announced, Lehman Offshore acquired 14.5 million Shares,
which are subject to a lock-up expiring on 18 July 2010. The Trading
Plan does not affect that investment and Shares subject to the
lock-up will not be sold pursuant to the Trading Plan. Lehman
Offshore reserves the right to purchase and sell Shares outside of
the Trading Plan, subject to compliance with applicable law and
LBPE's policies regarding transactions in the Shares.
For further information, please contact:
Financial Dynamics +44 20 7269 7114
Rob Bailhache
Nick Henderson
About Lehman Brothers Private Equity
Lehman Brothers' global Private Equity business, founded in 1984,
currently oversees
approximately $32 billion across 37 different fund strategies and six
asset classes: Merchant
Banking, Venture Capital, Real Estate, Credit, Infrastructure, and
Fund Related Investments
which includes fund of private equity funds, fund of hedge funds, and
the Manager Access
Program.
About Lehman Brothers
Lehman Brothers, an innovator in global finance, serves the financial
needs of corporations, governments and municipalities, institutional
clients, and high net worth individuals worldwide. Founded in 1850,
Lehman Brothers maintains leadership positions in equity and fixed
income sales, trading and research, investment banking, private
investment management, asset management and private equity. The Firm
is headquartered in New York, with regional headquarters in London
and Tokyo, and operates in a network of offices around the world. For
further information about Lehman Brothers' services, products and
recruitment opportunities, visit www.lehman.com.
This press release appears as a matter of record only and does not
constitute an offer to sell or a solicitation of an offer to purchase
any security.
